The Norwegian oil and gas company Statoil plans new multi-billion investments in several oil and gas fields such as Johan Castberg, Askeladd (Snøhvit) and Snefrid Nord. Johan Castberg (located 100 km north of Snøhvit) is viewed as the backbone for the further development of Norway's oil and gas industry and its plan for development and operation (PDO) was submitted in December 2017.
Statoil will invest approximately NOK1.15bn/year (€120m/year) to support its operations. NOK$5bn (€520m) will be dedicated to Askeladd - the second phase two of Snøhvit in the Barents Sea - which is expected to deliver 21 bcm of gas to Hammerfest LNG, extending its plateau production until 2023. Statoil also plans to extend the technical life for its Norne FPSO, and the associated Norne, Urd and Skuld facilities, from 31 December 2021 to 31 December 2036. The new plans for Norne will more than double the initially assumed productive life.
In the meantime, the company will pursue its exploration campaign in the Barents Sea, estimating that there is a considerable upside potential in the development of the region's discoveries. Five exploration wells will be drilled in 2018, which is the same amount as in 2017.
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